关键词: 消费过度敏感性 , 封闭经济约束 , 对外开放

Abstract: Closed-economy constraints hypothesis provides a new angle for interpreting excess sensitivity of consumption Based on Chinese provincial urban and rural panel data for the period of 1985—economy constraints hypothesis The results show that regionlevel consumption exhibits excess sensitivity to lagged regionlevel income, but regionidiosyncratic consumption exhibits substantially less sensitivity to lagged regionidiosyncratic income The change of excess sensitivity of consumption is attributed to less openness of international market than domestic market Chinese opening is still at its initial stage Further opening is important to decrease excess sensitivity of provincelevel consumption The possible approaches include enhancing financial openness and trade openness, expanding breadth and depth of trade openness, transforming development pattern of trade, implementing the strategy of polybasic market and diversified product, and reducing foreign trade logistics cost of inland area in China

Key words: excess sensitivity of consumption , closed-economy constraints , openness